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12 December 2024 23:50  |

Europe Stocks Close Lower After European Central Bank Makes Quarter-Point Rate Cut

European markets closed slightly lower Thursday, having shifted between modest losses and gains following the European Central Bank’s decision to cut interest rates by 25 basis points.

The pan-European Stoxx 600 index provisionally ended the session down 0.17%, as major bourses gained and sectors diverged. Mining stocks fell 1.7% while autos gained 0.87%.

The ECB on Thursday announced its fourth interest rate cut of the year, confirming expectations for a quarter-percentage-point move. The decision takes the ECB’s key rate to 3%, marking a 1-percentage-point reduction since the bank began its current easing cycle in June 2024.

The euro initially fell against the dollar following the announcement. It has since recovered losses and was last seen up 0.18% at $1.051.

Source : CNBC

 

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